Revenue: As of FY2026 Q2, the actual value is USD 209.3 M.

EPS: As of FY2026 Q2, the actual value is USD 0.

EBIT: As of FY2026 Q2, the actual value is USD 500 K.

Revenue Overview

VIREO GROWTH INC. reported GAAP revenue of $209.3 million for Q2 2026, marking a 335.1% increase from $48.1 million in Q2 2025. Sequentially, Q2 2026 GAAP revenue increased by 97.1% from $106.2 million in Q1 2026. Proforma revenue for Q2 2026 was $254.9 million.

Segment Revenue

Total cannabis revenue reached $175.8 million in Q2 2026, representing a 265% increase from $48.1 million in Q2 2025. This included retail cannabis revenue of $154.1 million in Q2 2026, up 319% from $36.8 million in Q2 2025, and wholesale cannabis revenue of $21.7 million, a 92% increase from $11.3 million in Q2 2025. Non-cannabis revenue was $33.5 million in Q2 2026, compared to $0.0 million in Q2 2025.

Gross Profit

GAAP Gross Profit was $95.3 million in Q2 2026, a 367.2% increase from $20.4 million in Q2 2025, with a gross profit margin of 45.5%, an increase of 310 basis points from 42.4% in Q2 2025. Adjusted Gross Profit (non-GAAP) was $98.4 million in Q2 2026, up 298.4% from $24.7 million in Q2 2025, though the Adjusted Gross Profit Margin (non-GAAP) decreased by -430 basis points to 47.0% from 51.4% in Q2 2025.

EBITDA

Adjusted EBITDA (non-GAAP) grew to $41.5 million in Q2 2026, a 212.0% increase from $13.3 million in Q2 2025. The Adjusted EBITDA Margin (non-GAAP) was 19.8% in Q2 2026, a decrease of -780 basis points from 27.7% in Q2 2025.

Net Income and Operating Results

The company reported a net loss of -$0.1 million in Q2 2026, an improvement from a net loss of -$14.9 million in Q2 2025. Income from operations was -$6.3 million in Q2 2026, compared to -$2.0 million in Q2 2025.

Cash Flow (Six Months Ended June 30)

Net cash provided by operating activities totaled $14.3 million in the first six months of 2026, a significant improvement from net cash used in operating activities of -$8.2 million in the same period of 2025. Net cash used in investing activities was -$61.7 million in the first six months of 2026, compared to net cash provided of $32.9 million in the same period of 2025. Net cash provided by financing activities was $47.6 million, reversing from net cash used of -$10.2 million in the prior year period.

Balance Sheet and Liquidity (As of June 30, 2026)

VIREO GROWTH INC. held $122.7 million in cash on hand. Total current assets (excluding income taxes receivable) were $374.0 million, while total current liabilities (excluding uncertain tax liabilities and contingent consideration) amounted to $181.4 million. Total assets increased to $1,273.7 million from $817.2 million as of December 31, 2025. Total liabilities rose to $831.2 million from $509.8 million, and total stockholders’ equity grew to $442.5 million from $307.4 million over the same period.

Outlook / Guidance

VIREO GROWTH INC. anticipates becoming the largest U.S. cannabis operator by dispensary count, with approximately 270 dispensaries, and among the largest by revenue, contingent on the completion of all announced acquisitions. The company aims to improve profitability, expand free cash flow, and develop $100 million-plus businesses across its core markets. Integration activities for recent and announced acquisitions are projected to extend into 2027.